HomeMy Public PortalAbout1996_06_25_R127 The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED June 25, 1996
96-127 ADOPTED June 25; 1996
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN EXETER HILLS SECTION 5A
OFFSITE IMPROVEMENTS
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Exeter Hills Section 5A Offsite Improvements and certified that the
value of work performed is $207,120.60; and
WHEREAS, a corporate surety bond in the amount of $230,134.00 from The American Insurance
Company was provided by the developer and approved by the Council to guarantee installation of public
improvements for Exeter Hills Section 5A Offsite Improvements.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The corporate surety bond from The American Insurance Company in the amount
of $230,134.00 is reduced to $23,013.40.
SECTION II. The Town Manager shall notify the developer that liability for the corporate surety
bond has been reduced as outlined in Section I of this resolution and that this reduction does not
constitute acceptance of public improvements by the town or relieve the developer of responsibilities
outlined in the contract for public improvements for Exeter Hills Section 5A Offsite Improvements.
PASSED this 25th day of June , 1996.
Clerk of Council
Ja~ffes E. Clem, Mayor
T6wn of Leesburg
R:exeoff5A.res